SoFi Bank
SoFi is a fintech platform that offers loans, investment accounts, and banking options. The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.), which gained its bank charter in 2022. Subsequently, SoFi launched a hybrid checking and savings account. The account offers strong rates, no monthly fees and a solid free overdraft coverage program.
Pros
- Earn competitive yields on both checking and savings accounts.
- No monthly maintenance fees or overdraft fees.
- Fee-free access to more than 55,000 Allpoint ATMs.
- Receive your paycheck up to 2 days sooner with early direct deposit.
Cons
- Online-only account, no physical branches.
- No standalone checking and savings accounts
- The highest interest tier requires monthly direct deposits
- Cash deposits cost up to $4.95 and are available only through third-party retailers.
How It’s Compared
SoFi Bank vs. Chime Bank
SoFi Bank provides a more comprehensive suite of financial services, including banking, investing, lending, and insurance, making it a versatile choice for those looking to manage various aspects of their financial life within a single platform. Chime Bank, on the other hand, primarily focuses on basic banking services, such as a no-fee checking account with early direct deposit, making it an excellent choice for simplicity and ease of use. The choice between them depends on your specific financial needs and whether you prefer a broader financial ecosystem or a more streamlined approach.
SoFi Bank vs. Ally Bank
SoFi Bank offers a broader array of financial services, including banking, investing, loans, and insurance, making it a comprehensive financial platform. Ally Bank, on the other hand, is primarily focused on banking and offers competitive savings and checking accounts with no monthly fees, and a wide ATM network. SoFi may be more appealing if you’re looking for a one-stop-shop for various financial needs, while Ally is a strong choice for those seeking straightforward and fee-free banking services.
Ally is also a better choice if you don’t want to deal with out-of-network ATM fees. The bank doesn’t charge a fee for using an out-of-network ATM, and you’ll also get up to $10 per month in reimbursements. Meanwhile, SoFi won’t reimburse out-of-network ATM fees.
Bottom Line
SoFi Checking and Savings is a great account option for those who want to earn high interest and don’t mind using remote customer service instead of bank branches. You can earn an even better competitive interest rate if you set up a direct deposit.